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Ann Arbor

Current Mortgage Rates in Ann Arbor, Michigan

Compare mortgage rates and fees for leading lenders in Ann Arbor, MI. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Ann Arbor.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Ann Arbor. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Ann Arbor, MI as of October 20, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Ann Arbor, MI Mortgage Rates Compare?

October 20, 2019

The current average rate for a 30 year fixed rate mortgage in Ann Arbor is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Ann Arbor, MI Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Ann Arbor, Michigan?

The median home value for Ann Arbor, MI (Washtenaw County) is $287,674

The median household income for Ann Arbor, MI (Washtenaw County) is $67,624

Based on current mortgage rates and a 10% down payment, you need to make $53,373 per year to buy the median priced home in Ann Arbor

The home price you can afford to buy based on household income in Ann Arbor is 127% of the median home value which means housing prices are average

Ann Arbor (Washtenaw County) ranks 83 out of 83 counties in Michigan and 2,817 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Ann Arbor, MI is average

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Loan Limits for Ann Arbor, Michigan

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Ann Arbor (Washtenaw County) below.

Conforming loan limits for Ann Arbor, MI

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Ann Arbor, MI

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Ann Arbor, MI

1 unit: $484,350

Additional Mortgage Resources for Ann Arbor, MI Residents

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Sources

US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs

FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat

Income Growth: https://www.bls.gov

National Average Rates: http://www.freddiemac.com/pmms/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index